11/21/2024
I am pleased to share this public service reminder that, pursuant to the federal Corporate Transparency Act, nearly every corporation and LLC, including professional corporations and LLCs, are required by federal law to file Beneficial Ownership Information (BOI) Reports with the FinCEN office of the US Treasury Department BY DECEMBER 31, 2024. This is not an IRS regulation. If you are an individual who owns at least 25 percent of a company or has substantial control over the company, your identity is required to be reported.
The willful failure to report complete or updated beneficial ownership information to FinCEN, or the willful provision of or attempt to provide false or fraudulent beneficial ownership information may result in civil or criminal penalties, including civil penalties of up to $500 for each day that the violation continues, or criminal penalties including imprisonment for up to two years and/or a fine of up to $10,000. Senior officers of an entity that fails to file a required BOI report may be held accountable for that failure.
If you are a company owner and you do not know what I am talking about, you can confirm what I have written above here: www.fincen.gov/boi.
And if you need assistance, you can contact my law office in downtown New Rochelle, LacherLaw at 914-355-5900 or HTTPS://lacherlaw.com
The attorneys and professional staff of LacherLaw have been providing clients in New Rochelle, Westchester County and throughout the New York metropolitan area with effective, cost-efficient legal representation for more than 30 years.